Today's society is slowly progressing towards a cashless economy! People prefer to use their plastic instead of hard cash. Indeed, using credit cards is a lot easier than carrying cash around. One card is all that you need to fit in your wallet whereas in case of cash you need to carry a bulk amount since you don't know how much you may require at one go. While speaking to a corporate honcho who lives next door, I realized the significance of online payment and its growing importance for the business world. They have started using different online payment solutions and phasing out the acceptance of cash from the customers. You need to hire people in order to man the cash counters while in case of online money transfer the process is quick, simple and hassle-free.
Online payment transfer is much safer option too. Credit cards are issued by a bank after a lengthy verification process. While paying with your credit card, you should mandatorily double check all payment related information before final confirmation. Also, you MUST check credit card and bank statements carefully after every payment to ensure the correct amount has been debited, and also that no fraud has taken place during the particular transaction phase. Majority of the people also use standard payment gateways (PayPal, Authorize.net, etc.) to transfer funds to the seller. Event organizers too are relying heavily on such online payment processing and management solutions to efficiently handle event registration fees and/or ticket sales.
Online payment solutions come with some major advantages such as:
PCI Compliance
It means you can safely use such a solution for financial transactions of any kind. PCI which stands for Payment Card Industry has enlisted a few goals that all credit card issuing and dealing banks need to follow. Some of the goals include maintaining a secure network, protecting the card holder's data, and regularly monitoring each and every transaction that takes place using credit cards.
SSL 128-bit Data Encryption
Majority of online payment management software adhere to the SSL 128-bit data encryption policy to protect information that passes through the system. Thus, the online payment solution lets you process all types of credit/debit card payments and payments made via popular gateways securely, preventing any chances of fraud.
Tension-free Money Handling
Businesses of all kinds, event management companies plus class organizers find an online payment solution very user-friendly. It is because they don't have to bother about individually collecting money from the customers, attendees or students. The online system successfully transfers money from the buyer's to the seller's bank account in minutes with least human interference.
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